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Chexsystems?

Frequent Contributor

Chexsystems?

I was talking to a CU and was told that they run chexsystems when joining the CU. What's the worst that can happen if I were to show up in chexsystems, just be denied membership? I'm not sure if I'm in or not, but I'm just curious. Also when someone runs you through chex, that's not an inquiry is? Excuse the ignorance lol

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TU (Discover): 663 | EQ (Citi): 651
Message 1 of 13
12 REPLIES
Valued Contributor

Re: Chexsystems?

Yes if you show up in the chexsystem then you could be denied for membership. 


Last Pulled EQ: 809
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Last CLI: 02/06/2016
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Message 2 of 13
Contributor

Re: Chexsystems?

You can pull your report for free. Just Google it and request your report. Research them here first because they will ask you for info that they really don't need. Chexsystems keeps info on checks and bank accounts. If you have written a bad check or burned a bank or credit union in the last 5 years it be reported from them. They will give you your report but they mail it to you. Takes about 2 weeks. Just switched banks and pulled all reports ( ie chexsystems, lexisnexis, telecheck) to be sure I wouldn't be declined.

Starting Score: 585
Current Score: TU 734 Walmart EQ 704 FICO EX 721
Goal Score: 750 Across the board


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Message 3 of 13
Established Contributor

Re: Chexsystems?


WallyxD wrote:

I was talking to a CU and was told that they run chexsystems when joining the CU. What's the worst that can happen if I were to show up in chexsystems, just be denied membership? I'm not sure if I'm in or not, but I'm just curious. Also when someone runs you through chex, that's not an inquiry is? Excuse the ignorance lol


if you're on chexsystem, you will most likely get denied for membership... i am on chexsystem the last five years and it will be finally gone this july 2013.... i have never been able to open a bank account with the exception of chase... they only did a soft pull on my EX and never checked if i'm on chexsystem (i ordered my chexsystem report and there was no inquiry from them)...guess i got lucky.... so yea, it only happens if you wrote a bad check or overdrawn the account and never paid it back.... lesson learned... and it won't be a hard pull on all three bureaus, just on chexsystem report


Starting Score: MYFICO 12/30/15 -TU: 481, EQ:561, EX:532 - BK7 DISCHARGED 12/2015 - Current: 09/01/2016 TU:642 EQ: 651 EX: 646
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Message 4 of 13
Contributor

Re: Chexsystems?

Chexsystems keeps track of your bank accounts and checking.  Do not apply for bank account unless you are sure you will proceed with opening the account.  They list all enquiries for bank accounts.  If you have 3 enquiries in 90 days they flag you with "suspicious activity" and most banks will reject you.  I had this happen to me when when I applied for an account with Ally bank.  I decided against using them, then found I could not open an account with another bank as Ally had pulled my record 3 times!  Enquiries stay on for 3 years (from memory).  Also if you have ever written a bad check, failed to pay money owing to a bank etc. you will have a negative mark against you for (from memory) 5 years.



Starting Score: 2012-10-06 EX: SSN has not been allocated! (funny I pay my taxes)
Current Score: TU 08 - 787
Goal Score: 820+


Message 5 of 13
Epic Contributor

Re: Chexsystems?

It depends on the bank.  Even though you may be in Chexsystems it doesn't mean you can't get an account.

 

I applied at one and was denied, went to the other and was approved. 

 

Chexsystems TL come off in 5 years vs a normal CRA where it is 7 - 7.5.  You can also mend your account and pay a fee at the bank that entered the information to have it deleted from Chexsystems.

Message 6 of 13
Community Leader
Legendary Contributor

Re: Chexsystems?

They are a CRA under the defintion set forth in the FCRA, and thus subject to all the requirements and provisions of the FCRA, including disputes.

 

However, they are very different from the Big 3 in procedure and content, and service a very limited customer base of primarily banks and financial institutions.

They usually receive reporting only of adverse into from banks, and choose to retain for only five years, so rarely if ever come upon a credit report exclusion period under the FCRA.

 

The requirement to provide a free credit report once every 12 months applies to them, but they did not join the Big 3 in securing agreement from the FTC to use annualcreditreport.com as their compliance mechanism, so you must contact them personally.  Similar to Innovis.

 

They obviously fulfill inquiries for their reports, but to the best of my knowledge, they dont license a scoring algorithm from Fair Isaac, and thus dont produce FICO scores based on their data.  It would not make sense to do so in view of the limited scope of their data.

Message 7 of 13
Frequent Contributor

Re: Chexsystems?


firstladyd wrote:
You can pull your report for free. Just Google it and request your report. Research them here first because they will ask you for info that they really don't need. Chexsystems keeps info on checks and bank accounts. If you have written a bad check or burned a bank or credit union in the last 5 years it be reported from them. They will give you your report but they mail it to you. Takes about 2 weeks. Just switched banks and pulled all reports ( ie chexsystems, lexisnexis, telecheck) to be sure I wouldn't be declined.

Like what? (Curious)

Start: Nov'12 EQ 699/EX 685/TU 696 / Current: April''14 EQ 715/EX 709/TU 709 * Goal 750+


Message 8 of 13
Contributor

Re: Chexsystems?

I remember when I requested a report from them that I twice went to double check I had the right site.  The website is very basic, like the first time someone has set up a website, it looks very suspicious, and they ask for a lot of information.  It has such an impression of a phishing site that I was ready to just cancel the whole thing.



Starting Score: 2012-10-06 EX: SSN has not been allocated! (funny I pay my taxes)
Current Score: TU 08 - 787
Goal Score: 820+


Message 9 of 13
Epic Contributor

Re: Chexsystems?

I had no problems with the site.  I think all I used was my SSN.  Got the report within a week.

Message 10 of 13